In the process of improved business activity at the cotton market, official spot rate declined further on Wednesday. The official spot rate was down by Rs 100 to Rs 5950, dealers said. Mills made fresh deals on declining rates.
Prices of seed cotton in Sind and Punjab were at Rs 2500-3000, while in ready business, nearly 30,000 bales of cotton changed hands between Rs 5800-6200.
Cotton analyst Naseem Usman said that textile industry is in losses, because exports of textile products are on decline, besides, reports of higher production in the cotton producing countries, causing fresh fall in the rates of cotton in the local market.
Some market analysts said that comfortable supply position and falling prices of cotton yarn are causing continued to fall in the prices.
The following deals were reported to have changed hands as per dealers: 2600 bales of cotton from Sanghar at Rs 5800/6000, 1600 bales from Mirpurkhas at Rs 5800/6000, 600 bales from Hala at Rs 5900/6000, 2000 bales from Shadadpur at Rs 5900/6000, 1400 bales from Hyderabad at Rs 5900/6000, 1000 bales from Kotri at Rs 5900/6000, 400 bales from Sahari at Rs 6000, 1400 bales from Tando Adam at Rs 6000, 2000 bales from Nawabshah at Rs 6000, 1200 bales from Sakrand at Rs 6000, 600 bales from Kumb at Rs 6000, 400 bales from Akri at Rs 6000, 400 bales from Mehrabpur at Rs 6000, 500 bales from Pak Pattan at Rs 5875/6100, 200 bales from Ahmedpur at Rs 5900, 400 bales from Bahawal Nagar at Rs 5900, 600 bales from Haroonabad at Rs 5900/6000, 900 bales from Samundri at Rs 5900/6100, 400 bales from Mian Chano at Rs 5900/6200, 600 bales from Vehari at Rs 5900/6200, 200 bales from Sahiwal at Rs 6000, 200 bales from Gojra at Rs 6000, 500 bales from Burewala at Rs 6000, 1400 bales from Alipur at Rs 6000/6200, 400 bales from Chichawatni at Rs 6200 and 1800 bales at Rs 6200 from Khanewal.
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